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tv   Varney Company  FOX Business  October 12, 2012 9:20am-11:00am EDT

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♪ ♪
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♪ imus in the morning ♪ >> rude, contemptuous, inappropriate laughter, yeah, that was the vice-president of the united states. but did he win the debate? good morning, everyone. the media is pushing the biden victory line. ryan on the defensive, ryan the bystander says "the washington post." will it last? america watched the vice-president interrupt frequently, smirk far too much and just get the facts plain wrong. and paul ryan went right at the obama record and the issues, taxes in particular. and he won the warned the middle class, watch out, this president will take more of you. you'll see it on the program and astonished at this. the european union wins the nobel peace prize, yes,
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collapsing rioting europe wins for peace, incredible. "varney & company" is about to begin.
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>> ryan focussed on the issues and biden focusing on attacking and interrupting. you could argue either man won. one of the big moments when they were talking about taxes and listen to this exchange. >> the only way you can find 5 trillion dollars in loopholes is cut the mortgage deduction for middle class people, cut the health care deduction, middle class people, take away their ability to get a tax break to send their kids to college. that's why they-- >> is he wrong about that? >> he's wrong about that. >> how is that is it. >> you can cut tax rates by 20% and still preserve the preferences for middle class taxpayers. >> it's not mathematically possible. >> it is it's been done before like we're proposing. >> it's never been done before. >> it's been done a couple of times. >> it's never been done before.
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>> jack kennedy-- ronald reagan. >> oh, now you're jack kennedy. >> and he got it wrong. george w. bush lowered rates and when they did the treasury went up. and the other hot topic was libya. >> this benghazi issue would have been a tragedy in and of itself, unfortunately it's indicative of a broader problem. what we're watching on our tv screens is the unravelling of the obama foreign policy which is making the war more chaotic and us less safe. >> joe biden says the administration did not know about the request for more security in libya, but a day earlier the state department official in sworn statement said more security had been requested and denied. and when asked about it,
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president obama said, quote, i didn -- and after that, said i didn't catch that exchange. and the opening bell on wall street. here we go.
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>> stocks will open pretty flat
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this morning, a day after the debate. we've got one news item, a number from the government in the background here, it's the producer price index up. 1.1%, month over month and that's a big increase, however, if you take out food and energy, there was no inflation at the producer price level. it was unchanged. and that's not a market mover, certainly not this morning. day after the debate on a day when the european union, incredibly, wins the peace prize. more on that in just a moment. how is the market opening? as i said pretty much dead flat this friday morning, we're down a fraction of a point. down two points in the very early going this morning. now, we've got j.p. morgan, they made 5.7 billion dollars profit in 13 weeks, so, nicole, tell me, where does the stock open on a day like that with a profit like that? >> well, you know, the stock story right now, you you see it's down 1.4%, but initially we did see j.p. morgan getting a pop on a great quarter. now, you have jamie dimon on a
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conference call and analysts conference call now giving a little more cautionary tone going forward and that's why you're seeing the stock pull back a little bit now. >> a cautionary tone going forward. okay, so 5 million dollars profit and all right, nicole, we hear you. the dow industrials are up 15 points in the first one minute of business and now something on which i can barely restrain myself. the european union wins the nobel peace prize and this is not a joke. the same place where we have seen violent protests in greece, spain, london all over, those people are getting a peace prize. the noble committee recognizing the eu for six decades of contributions for advancement of peace and reconciliation and advancement and rights in europe. and the conference is broke, unravelling and riots in the streets. and they get the nobel peace prize. and including the judge and including my nomination for the nobel peace prize this year.
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you'll hear it. many people who watched that debate last night thought joe biden came off as something of a bully who kept interrupting paul ryan and that strategy may have worked. the knee jerk reaction polls seem to have biden winning the debate. and joining me now is chris wilson, a republican pollster. i think i'm accurate, here, chris, the immediate polls taken before, during and after the debate said biden won. are you buying that? >> no, i've seen a couple of different polls, i've seen the cnbc poll that shows that ryan won. i've seen the cnn poll that showed that ryan won. i see some mixed opinions on it. one thing we can probably all agree on and brings all americans together after watching last night's debate whether you support or oppose president obama, one thing we pray for is his health. joe biden doesn't have the temperament to be the president of the united states. stuart: i was watching it on the
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split screen. what shocked me all the way through the antics, and i use that word advisedly, antics, the smirking, mugging for the camera and contemptuous laughter. i couldn't concentrate on the issues for looking at joe biden and that's a fact. >> it really is the most memorable take away from the debate not the facts, and i think that biden had a strong command of the facts, as did paul ryan. it was the means created today and biden's smirking and interrupting. i have two boys if either of them acted toward another human being the way that joe biden acted toward paul ryan i'd take away video games for a month. it's not acceptable and i don't think it's something the obama campaign can be excited about. one take away, paul ryan spent his dae by the time talking about mitt romney. joe biden spent his debate time talking about joe biden and that's the different. the goal of a vice-presidential debate do no harm and promote the guy on the top job and
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pretty clear that joe biden thinks he should have the top job. stuart: and a clear question, going into the debate the romney camp clearly had momentum. do you think that debate stopped that forward momentum for the romney camp? >> i really don't. let's say that the snap polls you cited earlier and that joe biden won going away. i don't concede that fact, if it is true, 1988 probably the best performance of a vice-presidential nominee, lloyd benson and george w. bush still won 40 states. and the vice-presidential debate is not really all that impactful to the overall trajectory of the campaign and i think that paul ryan did a good enough job and did enough to promote mitt romney and really mitt romney the person and joe biden admitted that mitt romney is a good man and i think that's what had to come out of debate and paul ryan did what he need today do. stuart: i want to wait a while to have joe biden have a look--t
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have a look at joe biden antics. and chris wilson, thank you. >> thank you. stuart: when paul ryan challenged joe biden on the administration's handling of libya, this is how vice-president biden responded. >> we weren't told they wanted more security and we did not know they wanted more security and by the way, at the time we were told exactly, we said exactly what the intelligence community told us, that they knew. that was the assessment. and as the intelligence changed their view we made it clear they changed their view that's why i said he we will get to the bottom of this. stuart: however, a day earlier, a state department official in a sworn statement to congress said more security had been requested and denied. when asked about mr. biden's error after the debate obama campaign advisor said, quote, i didn't catch that exchange. really? joining the company by phone is fox news national security analyst, kt mcfarland. point one, biden was factually i
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don't think, i want to know what you think. and point two the new york times says that ryan was bumbling on libya. >> first, ryan did miss a golden opportunity to call biden on the count that you just mentioned, that the white house, state department had said they wanted additional security, but it was he denied. paa they had said they were tracking the attack in real time. so they had a video showing there was no demonstration. they had a video showing that it was an armed assault. so, ryan missed that golden opportunity, but the biggest thing to come out of this debate is not, you know, ryan looking like the class-- i mean, biden looking like the class clown or ryan missing the opportunity, it's the signal that biden sent about what the white house is going to do to handle the libya problem. his signal says, we're going to blame the state department, and we're going to blame the cia. now, when it comes to tcoming t protect itself it's not going to take the blame, it's not going
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to. in both cases the state department and intelligence communities did warn about al qaeda. they did ask for additional security so i think what will now happen the whistleblowers are going to come forward and set the record straight. stuart: all right, kt mcfarland thank you for joining us, we appreciate this and setting the record straight. good stuff. new at ten the latest read on the economy, how does the consumer feel about the so-called recovery? we bring you new numbers on that at the top of this coming hour. and let's go to nicole. we have news on apple's mini ipad. what's the news and what's the stock doing? >> oh, the speculation is swirling. well, we'll see whether or not apple takes off the-- and goes under the the wraps here. october 23rd, the day we're looking for. this may be the day we learn a lot more about the ipad mini that we have been talking about here on "varney & company," right. stuart: when we learn a lot more, what will it be? the specs on the thing, how big, how small. >> i don't know.
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invitation only event. it was reported all things d on today. and we've talked about the fact that the ipad is 9.7 inches, the ipad mini based on some of the analysts who went over to asia and saw some of the displays being ordered were speculating it could be 7.8 inches, so 7.8 rather than 9.7. and so, it will be smaller and will be able to compete, obviously, more readily with the kindle fire and the other smaller types of tablets. stuart: i just find the timing is interesting because apple's had a 10% correction, out comes this report and it may have hit a bottom, we'll see. nicole, apple just under 630, got it. back to you shortly. and the dow is up 33. and time is money, so, here we go. 30 seconds, it's friday morning and here is what else we're watching for you. we've said it a few minutes ago, the european union wins the nobel peace prize and we're talking about it throughout the show, including with the judge. he's coming up in our next hour.
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a new proposed wind farm project aims to nearly double the amount of wind jobs in the country. and is that possible? robert bryce, very much an expert is going to tell us and every day i give you my take, today something different, my daughter's take, 16 years old. she watched the debate. i'll tell you what she thought about the biden ryan plan. and we always want to hear from you, e-mail us please, varney@foxbusiness.com, and some of them we read on the air. and seven early movers this friday morning, when we start? we start with the chip maker, advanced microdevices and we've seen less profit ahead and blames the global economy and it's down well under, $3 a share, look at that. >> it's down what, 8%. more home loans giving wells fargo a boost. is that stock up? let me know, no, it's down. a trucking company. jb hunt, today took in they report they took in more money
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than expected and that stock is up. a big move. the energy services company, agl resources lowers its profit outlook and it's down just a fraction, disappointing results from another company heartland express and it's down. coke as in coca-cola. coca-cola hellenic bottling i should say is going to move headquarters to swiss land and switch the main market to london, apparently greece is not peaceful enough. despite winning the european union's peace prize, nobel. and 24% in america, a look at electronic arts, down 45%, since last october. and it's barely changed slightly higher this morning. there you have them. seven early movers this friday morning and the dow is up 36. time geithner, joe biden both saying in the same day that the economy's doing well. really? we'll ask someone who follows this stuff very closely and gives direct answers on the economy next. [ male announcer ] at scottrade,
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man on tv: ...rbis and 36 homers. swings at the first pitch and fouls it deep back into the stands. [ding] [fans whirring] announcer: chill raw and prepared foods promptly. one in 6 americans will get sick from food poisoning this year. check your steps at foodsafety.gov. >> friday morning, the day after the debate, no change the market, i'm calling this flat friday. we're up 23 points, that's it. now, where is the price of oil this morning? 92.30 a barrel. pretty flat. the unemployment rate is down and tim geithner says the economy is doing better than anybody expected and last night joe biden said things are looking up. need i remind you we had a meager 1.3% growth in the economy in the last quarter. so, are things looking up in this economy? joining us now, economists and brown university professor david wyss. is that a legitimate picture of
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the economy? things are looking up, better than anybody could have expected? >> well, things are looking a little better, but it's still the half speed recovery we've talked about from the beginning. things are looking better than expected last month and not doing better than expect add year ago. stuart: so, it's really disappointing? i'm not trying to put words in your mouth. but it's not good. >> it continues to be a half speed recovery. it's disappointing, not shockingly disappointing because we thought it would be a slow recovery. stuart: put your finger on why. four years ago, why aren't we rebounded? >> we aren't expected to in this recession. it's a debt problem from the beginning. we borrowed too much and asset prices inflated and historically a long time to get out of it. stuart: what would take to get 4, 5% growth? >> any kind of major change would be difficult to engineer in with the government spending.
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stuart: ben printing money, won't do it. >> the you might be if the rest of the world isn't in the same shape, the rest of the world is in the same prem. stuart: how can you do it. >> it's not going to happen. you will get back to reasonable growth rates if you don't do anything stupid. stuart: well, reasonable is what, 3, 4%? >> 4% maybe for a couple of years and getting things back to around 6%. stuart: no boom? i want a boom, i want prosperity. i would love a boom, too, i'm retired, i need the stocks going up. stuart: wait a minute, suppose you got a deal on the fiscal cliff, i don't know care what the deal is, we're not going over the fiscal cliff and also suppose you've got tax reform from governor romney as president, lower tax rates, fewer loopholes, if you got that and a long-term plan to deal with entitlement. let's suppose you got all that have. would you get a boom? >> i don't think you'd get a
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boom. you'd get better growth no question, hard to see how you get a boom in a world where consumers have to increase saving and so many people approaching retirement age. stuart: they don't have to increase their saving. you're saying that they should, but they don't have to. >> but they don't have to, if they don't when they retire then we will have real problems. stuart: that's kicking the can down the road 20 years. >> it's not 20 years anymore, us baby boomers are in retirement now. stuart: are you flat-out telling our audience, the day after the debate three weeks before the election. >> no. stuart: no way we're not going to get 5, 6% boom like we got in the post-- in the reagan years? >> we need reduced expectations, at this point. stuart: and you're a european all of a sudden? you won the nobel peace prize. >> hey, i'll take it, i need the cash. >> did you know, by the way, that a nobel prize comes tax-free? >> yes, because it's in a-- >> what a pleasure, do well at brown we do hope and i'm sorry about the boom which we're not going to get.
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thank you. and let's see, we're at 9:49 almost so i'm going to give you the gold report this morning, 1768. we've been hovering around this level for two weeks, shy of 1800. protests have gripped europe the past year or two, and riots and what do they get? the nobel peace prize. you can't make this stuff up. gerri willis and is next.
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>> we woke up to a rather surprising headline this morning. the european youn wins the nobel peace prize, for two years we've reported decline of the euro zone financially and shown you the violence in the streets and yes the committee awarding for peace and reconciliation and democracy and human rights. some of the other winners, president obama after only a couple of months in office. al gore for work on client singh and yasser arafat, the
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terrorist, won the peace prize. gerri willis and monica crowley are joining us. i want to nominate the four-year-old pakistani girl shot by the new nazi, she should be the winner and instead of-- >> she's a 14-year-old girl, actually protesting the taliban, this pakistani taliban, afghan taliban, but both want to restrict girl's rights to get an education and she's 14 years old shot in the head by the taliban and trying to silence women and young girls and she deserves the peace prize and i will see this, the euro-weenies who give out the nobel peace prize to the eu, it's not as appalling as when they gave it to yasser arafat and barack obama after being president for-- >> can i say this about that, eu getting the nobel peace prize is like praising your drug addicted kid for showing up for school
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every day, it's beside the point. the eu is about to go into a huge depression, everything is going i don't think, not right, they don't deserve a nobel peace prize. stuart: why did they give it to them. what's the motivation? i don't get it. >> if i could explain it i would. you went through the track record who they've given the prize to in the past. stuart: i want to go back to the 14-year-old pakistani girl. if anybody deserved it, that brave young woman. and do you know that the taliban have been dumping bodies around her parents' house as a warning to that girl. stop what you're doing. stop supporting education for females, dumping bodies around and gets on a bus and asks for her by name and shoots her in the head and neck and in perilous position and she should be given that peace prize and airlifted to the united states of america forth with. >> and her family. >> yes. >> by the way, let's also the mention the pakistani doctor
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over the last year or so, gave the united states enough intelligence to locate osama bin laden, he should also get the prize. be with us next hour, we'll have more on this and the wind industry, says a new project could double the number of wind jobs in america. one project, really? and how would we pay for it? tax subsidies? our foremost wind energy skeptic joins us, that will be new at 10. plus, monica and gerry are ready to weigh in on the debate. did they feel the same way that paul ryan did. >> mr. president, i know you're under a lot of duress to make up for lost ground. [laughter] but i think that people will be better served if we don't keep interrupting each other. 0t[h7 bob...
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oh, hey alex. just picking up some, ochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race.
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no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners.
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stuart: new at 10:00 the latest economic indicator consumer sentiment from the university of michigan, in october. better reading than expected. next question, did joe biden say the economy is looking at? trends emerging from last night's debate. the rnc says joe biden interrupted paul ryan 82 times. paul ryan pointed it out. we're talking debate throughout the hour with a star-studded lineup. that line of the includes these people. gerri willis is back, radios and best-selling author monica crowley is here and nicole
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petallides on the floor of the stock exchange. to the big board we have a modest rally, 62 points higher because of the consumer sentiment number from the university of michigan. the reading came in at 83, up from 78 in september. i am told this is a better reading than expected. gerri willis, you have more on this. gerri: the consumer confidence numbers in focus. let me tell you what this means. the new normal is embraced by the american public. people expect this economy and living with it. we have 15% of people on food stamps and twenty-four million americans unemployed or underemployed. incomes, middle-class incomes, people who have been hit hard by this economy are down 5% from when the recession ended. you let that go on four years that is the new normal. stuart: very good. appreciate that. consumer confidence up a little and the market is up 70 points largely on the back of that.
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realogy came out yesterday and stock is still up. where is it now? nicole: you interviewed the ceo richard smith and we see stock above $35. yesterday was up 20%. the ipo price was $27 so you do see it continuing to gain. realogy have under their umbrella coldwell banker, century 21, just to name a few. stuart: housing that. realogy up. 34 today. thank you very much. when you watch the debate last night you couldn't help but notice how many times joe biden interrupted paul ryan. the are in sea counted 82 times. here is one example. >> 7.4 million seniors are projected to lose the advantage coverage they have, a $32 bank
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cut. these are from your own -- >> more signed up for medicare advantage after the change. nobody is -- >> you are under a lot of the arrest to make up a lot of ground but i think people would be better served if we don't keep interrupting each other. >> needed to do something after the presidential debate. give me a rundown what you saw. >> so far we have had two absolutely bizarre performances from the obama/biden ticket. president obama sleepwalking for his debate performance and last night we were treated to a manic, rude and disrespectful vice president. biden was tasked to go in and try to make up lost ground or at the very least put this election into a holding pattern. because of obama's bad performance last week he has
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been hemorrhaging. joe biden was tasked with going in and trying to hold the line. the problem is the vice president confuse saying durant attitude with actual substance. he came off as incredibly disrespectful and people see through that. they may have seen his passion but they didn't see a responsible, fought for man given responsible -- stuart: he may have energized the democrat base. i think that would be true. did he win the independent vote with his performance? >> my sense based on the snap polling i have seen is he did not. his performance backfired. they may have debated to a draw in terms of substance. i disagree with the vice president but a draw on substance but in terms of style he alienated and turned off some key swing voters namely women. stuart: why would he turn off
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woman? why would that performance last night, giving plenty of examples this morning, why did that turn women of? >> this may work in the belt way but in the rest of the country it is regarded as rude. joe biden came across not only as somebody who disrespect did his opponents but also didn't care about the issues at hand. when he whacked at the libya answer and laughed about iran does he think the nuclear program is not real? that is what it sounded like. wasn't taking it seriously. people who are not from new york don't see the point scoring the same way we do. they want to see people have a substantive conversation. stuart: the split screen told an unfortunate story because there were times he was laughing and smirking and almost during about serious subject. i thought that was inappropriate. >> his objective last night was to try to minimize paul ryan,
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the young kid who is too big for his britches but only had the result of making joe biden look like a complete jerk. stuart: rich edson joins us from center college in kentucky. you were in the debate room. was the town as nasty as it came across on tv? >> i was in the spin room and when you look at what the tone was and look at what was nasty, democrats took away from this entire debate that they had been played by the base and joe biden had accomplished what president obama didn't accomplish last week about when you look at what republicans are saying in this debate is isolated independence, the vice president was rude, both sides seemed emboldened by the performance. democrats were thinking it had gone quite well.
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paul ryan held his wrote in a substantive debate. stuart: thank you very much. later this hour a very special my take on last night's debate. i will give you my 16-year-old daughter's analysis. she is not partisan despite being my daughter and was not otherwise interested but she is now and have a lot to say. 10:25, my take from my daughter. perhaps the youth vote will be a factor. president obama carried 66% but a recent poll shows his support is slipping to 50% to 42%. the author of obama zombies. that details how young people flocked to president obama joins us with an angle at 10:33. i going to flock to him this time around? two big banks reporting results. j. p. morgan and wells fargo. that with jpmorgan. nicole: we see under pressure after we heard jamie dimon on
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the conference call getting a bit of a look at the profit margin the next several quarters and traders on wall street are impressed by what we see. >> what was the other stock. and the thing about both of these companies is in those cases, better housing situation and in this case wells fargo. and under pressure as well the revenue fell short of analyst estimates. stuart: changing the subject completely, more hot air from the wind industry. a large scale wind power development in the mid-atlantic region could create 70,000 new jobs. the entire wind industry employs 70,000 people. could one project double the number of workers in the wind
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industry. joining us is robert bryce at the manhattan institute. in the eastern seaboard, when fires in the ocean to employ 70,000 people is that realistic number? >> i don't know where numbers come from but if you look at what the assumptions are in the report we are assuming 7,000 megawatts of offshore wind. offshore wind is expensive to build, $5 million per megawatt. you are talking about a $35 billion price tag to create 70,000 jobs. that is $500,000 per job. we could create jobs in any industry but the wind industry is claiming we will create lots of jobs but it is that a high price to consumers. stuart: $35 billion total. that would have to include a big chunk of government subsidies. >> all of these wind projects
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are dependent on some government subsidies but they are also the problem is if these are built they will come with very high cost of electricity. energy information administration estimates offshore wind prices will be in the neighborhood of $240 per megawatt our. last yeaa the average wholesale price on the east coast for electricity was $63. we are talking a fourfold increase in the average price -- stuart: they need a mandate. we must buy offshore wind and electricity. gerri willis have a question. gerri: i wanted to ask -- all energy sources are created equal but that is not true. some have more density and howard and others and wind is not that effective. >> you raised the point and is the central you make it because wind is incurably intermittent. we could build these wind farms or wind project off the coast
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but would still need conventional electricity generation to back it up. $8 million per megawatt, we could put the same money into nuclear. in my view it is far denser and smaller and far more environmentally friendly. stuart: let me give you my opinion and see if you agree with me. i say this project and down the eastern seaboard, wind farms are not going to be built. it will not happen. what do you say? >> i agree with you. look what is happening in the u.k.. there's a big backlash against the push for wind and the same in france where a french senate a few months ago put out a report estimating offshore wind would cost $300 per megawatt hour. this is incredibly expensive electricity and the carbon savings -- a few years ago the push for renewables and winds was carbon remissions reduction scheme and talking about jobs. and interesting switch.
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stuart: robert bryce. very interesting indeed. thanks for joining us. exploding unemployment, violent anti-government protests, a recession, in some places a depression, government on the verge of collapse. does it sound like the european union deserves a nobel peace prize. they got one. the judge is next. everyone has goals. take the steps to reach yours, with us with real advice, for real goals. the us bank wealth management advisor can help you. every step of the way. from big steps, to little steps. since 1863 we've helped guide our clients, so they can take the steps to help grow, preserve, and pass along their wealth. so their footsteps can help the next generation find their own path. all of us serving you. us bank
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stuart: trading is running and i, a modest gain. dow industrials up 60. market got a boost from better than expected consumer sentiment number. move to individual stocks, best by doing nothing to fight back against its rivals. best buy will start matching prices from online competitors like amazon. concerns about best by consumers go into this war, browse, test the electronics and go home and ordered the same products online cheaper. best buy is trying to stop that. another hot ipo, work day makes business software. companies with their human-resources. stock is up really huge. 71%. we are coming back with the most outrageous story of the day, the troubling european union. they won the nobel peace prize. you hear him laughed. it is the judge.
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stuart: we got the latest on the swing states from revenues and. 49-48 for romney. same as yesterday. that is the key 11 swing states. forty-nine-48 to romney. the greek unemployment rate moving up. a new record, 25.1% in july and signs of that number going up some more. the greek economy has shrunk 20% since this current recession
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started in 2008. youth unemployment has been pushed above 50%. the economy is expected to enter the sixth year of recession in 2013 and yet the european union wins the nobel peace prize. the same european union is on the verge of unraveling. there have been violent protests across europe because of the economic mess. judge andrew napolitano is here. this is not strictly a legal issue. it is not constitutional but i want your reaction. judge napolitano: i wonder if anyone takes it seriously. the nobel peace prize, basically a lot of cash from the estate of various family members. the original contributor to the assets, given away by officials in sweden -- norway which is not a member of the e.u. gave it to yasser arafat, a mass murderer,
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barack obama after he was president for nine months and hadn't done anything to receive it. now they give it to the european union -- it is a joke. i don't think the american public will take it seriously. it won't be on the front page of time magazine and is because five editors like it. stuart: the idea of the nobel peace prize has been discredited. yasser arafat won the peace prize. that is a real shame. judge napolitano: is a shame because there was a time when it meant something and there are times when it didn't mean anything. they give it to woodrow wilson who brought us the most useless war of the 20th century. stuart: they give to a fighter against apartheid and albert einstein. judge napolitano: he did not get the peace prize. probably the physics prize. there are human beings on the planet who have risked their
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lives to bring about peace for others. that would be an appropriate candidate for this award. give it to a governmental entity itself on the verge of collapse. angela merkel visited greece yesterday to negotiate with loans. people are out of their minds. stuart: role that video tape because the three of us have already nominated our own nominee, the young lady on that journey is a 14-year-old pakistani girl shot by those monsters, the taliban because she supported female education. imagine that. she has been under threat for a coople years but had the courage to keep going with her ideas. she should win. judge napolitano: the central government is too week and powerless to prevent this type of assault on women and young reprehensible, unacceptable in any part of the world.
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stuart: airlift that young lady and her family to the united states of america. i would love to have my taxpayer money to pay for that. bring her here and give her the $1.2 million -- judge napolitano: they would give someone like that -- stuart: they will not do that. i call them appeasement -- i'm going too far. call them appeasement weenies. judge napolitano: i am not going to go lower than that. [talking over each other] judge napolitano: i am not disagreeing. i won't knock her majesty on this. stuart: i am deeply indebted to you. you are coming back -- got a good weekend plan or something? in a good mood? judge andrew napolitano, a great performance. wait till you hear this. up next, my daughter's take on last night's debate.
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>> it brings all americans together that after watching last night's debate with you support or oppose barack obama i will say a prayer for his health every day because it is evident joe biden cannot become president of the united states. stuart: chris wilson's take on
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the debate. tune in to "varney and company" at 9:20 shark when we start. to the big board, the market check. the dow is up 52 points. nicole petallides has let dollar tree. nicole: looking at dollar tree. we are looking at these dollar stores and how they are ferrying. turns out the analysts are cutting price target. higher gasoline prices, all we are seeing cautious consumer spending. you are seeing jeffreys downgrading dollars free and lowered their price target. stuart: thank you. the vice presidential debate filled with interruptions most from joe barton. joe biden. paul ryan knows the situation. [talking over each other] >> i know you are under a lot of the arrests to make up for lost ground but i think people will be better served if we can add
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stop interrupting each other. stuart: joe biden's most memorable quote was this when the two were arguing about taxes. >> precisely what we were opposing. >> it has never been done before. it has never been done -- >> lower tax rates -- >> ronald reagan -- stuart: steve forbes joins the company to talk about jack kennedy reference and joe biden's misrepresentation of the facts and the tone of the debate at 10:45. you have heard my reaction to the debate. joe biden was rude and showed extraordinary disrespect for his opponent. his laughter was contemptuous and inappropriate. on several occasions he was factually wrong. here is my daughter's take. she is 16. you watch and took notes. here is her first paragraph. most importantly it is hard to view that debate as the debate considering joe biden wouldn't
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stop interrupting. her first reaction was similar to most people. the vice president was aggressive from the start, trying hard to make up the ground his boss lawson. my daughter went on to say joe biden had a lot to say and prepared -- repaired some of the damage of obama's disaster last week. now the other side. paragraph 2 from my daughter's debate notes. ryan could have been more aggressive. based on facts, ryan won the debate and state collected. that is interesting. my daughter does not follow the issues that closely. she is more focused on the tone and style. i believe she was so turned off by joe biden's rudeness, and paul ryan stayed collected came shining through. i present this as a proud father but also as a direct response from an otherwise this interested young debate viewer.
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obviously a scientific poll got that and not a focus group but it says something when a youngster is so intrigued by politics that she sits through 90 minutes of the bully and the wonka. my words and the words of the wall street journal. the left should take notice. in my day young people steward who left almost automatically. clearly times have changed. jack, you're a little boring. boring. borin [ jack ] after lauren broke up with me, i went to the citi private pass page and decided to be...not boring. that's how i met marilyn... giada... really good. yes! [ jack ] ...and alicia. ♪ this girl is on re [ male announcer ] use any citi card to get the benefits of private pass. more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ]
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stuart: i have a news alert for you. people are spending less money on video games, big time. u.s. retail sales of new video games fell 24% in november. this marks the tenth that consecutive month. nevermind the violent protests in greece, spain and london, the european union went the nobel peace prize. this is not a joke. scott, i know this is a somewhat unusual subject for you, but it is supposed debate. it is the nobel peace prize. i do not know what you have around your neck. >> i have awarded myself a piece prize.
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this clearly means nothing anymore. [laughter] stuart: any comment on the debate last night when i felt that paul ryan did well. i thought that he could have done better. joe biden being joe biden, we got exactly what we want. we will have to see how barack obama fares in the next two. it will be a friday flat warning. we will not have any really big movement until after this election. you cannot govern from the extreme left or right. you can live there, but you have to govern from the center. we will have to wait until that happened. stuart: scott, thank you very much indeed. seeing the 27 year age difference between the candidates, it looked a little bit to me like a father yelling at his son.
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will that turn people off? joining me now, the author of, "obama zombies." twenty-one the youth vote last night? you watched the debate, i know you did? >> i think paul ryan alternately did. after the first presidential debate, barack obama lost 27-point and mitt romney gained ten points. it is only 15 points did. stuart: there is this 27 year age gap last night. paul ryan is 27 years younger. if anyone is the youth vote, it
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is paul ryan. did he win the youth vote? >> i think you have to look at joe biden as losing it. he came across angry. he looked like there was a gerbil stuck in his forehead trying to get out. it seems more relatable, likable, trustworthy, had the command of the facts. ultimately, what would help, what would help with paul ryan is not necessarily the debate performance, but the "time" magazine photos of him flexing the pipes. his workout routine. absolutely. stuart: he has waits in his hands. >> correct me if i am wrong, there will be a lot of college age women that will look at that, i do not care if paul ryan says he will blow up the moon, i
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will vote for him. >> college women? how about all women. >> not his son, not a friend, somebody that he knows and is his best friend is serving in afghanistan. stuart: young people, women, vote in favor of a man because he is in good shape and pumping weights? [ talking over each other ] >> we live in a visual society. it is all about presentation. we have not talked about the substance of what they talked about. it has been about how biden was a manic insane person. >> what is the substance about
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young people? stuart: three word control for all women all the time. >> paul ryan will physically -- he looked physically fit and mentally fit. joe biden just came across as this crazy man at thanksgiving asking you to pull his finger. [laughter] stuart: oh. >> he has a lot of ground to make up. i just do not think that joe biden helped swing the pendulum back into his direction. stuart: give me that paul again. this was taken between october 4 and october 7. it shows a 16-point margin in favor of president obama. that is voters 18-29. that is a big gap.
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nowhere near the extent of obama's victory among young people back in 2008. >> 34. young people consisted of one of the main coalitions to help barack obama through key swing states. >> our young people going to go to the polls? stuart: will they vote limit not to the same degree. there is a very large enthusiasm gap. will i him who is campaigning with barack obama in ohio who is singing renditions of sesame street songs.
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ask your daughter. >> it is interesting because obama is freaking out about the youth vote. when you look at his campaign schedule, all most every rally takes place on a college campus. he has to rally the kids or he loses. stuart: i am out of time. jason, thank you for joining us. next, steve forbes reacts to last night debate, including this. >> it has never been done before. >> it has been done a couple of times. [ talking over each other ]
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♪ stuart: the dow jones industrial average at about 133. the dow has been down all four days this week. losing about 300 points so far. it was a better than expected reading on consumer sentiment. and other ipo an impressive debut. it provides software. it is now at 47. not a bad game. the latest example of declining demand for personal computers, down big. we will make less money because of weak demand for those pcs. down goes abm.
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down below three. ninety seconds from now, steve forbes will be with us giving his reaction to the jfk fight last night. ♪ on? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that'shat trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering web-based trading platform. tradeommission-free for 60 days, and we'll throw in up to $600 when you open an account.
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stuart: the postal service will raise the cost of the forever stamp to $0.46. they have devoted twice in recent months and have lost $5.2 billion between april and
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june. dean foods, what are they up? nicole: they have land o lakes butter under their umbrella. food that we all know. it is based in texas. they got an upgrade today. it is up to .25%. it is one of the best performers on the s&p 500. stuart: thank you very much. listen to this exchange. >> the only way you can find $5 trillion loopholes is cut the mortgage deduction for middle-class people. but the healthcare deduction for middle-class people. take away a tax break.
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>> is he wrong about that we met he is wrong about that. you can cut tax rates by 20%. >> it has been done before. it has been done a couple times. >> it has never been done. >> jack kennedy lowered rates. >> now you are jack kennedy? stuart: that was interesting. i would say the vice president thought it wrong. why? because it encouraged economic growth. running the company right now is someone who agrees with me. that is why he is here. steve forbes. welcome to the program. i think this is economic history 101. i think joe biden got it flat out wrong last night and you
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say? >> it was absolutely wrong. brian was not comparing himself to kennedy, he was talking about his tax proposals. the budget deficit went out and the american economy went up. the key thing is, let's forget about the government. they are a mess. what does it do for the american people and the economy? ryan was right on kennedy. he was right on reagan. stuart: you have taken part in republican high-level presidential debates. back in, what was it, 96 and 2000. you were in those debates. how do you judge biden's performance? >> the base of the party would
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love it did the most independent voters, the more and more they see, they will be put off by a snide, sneering sarcastic remarks. they have a lousy record and notes positive proposals for the future. ryan did. stuart: paul ryan, your judgment their? >> he did not get frustrated when the old guy tried to interrupt him. i think he held his own and did well. he did not let himself get flustered by biden. stuart: biden schooled ryan, i have a lot of comments about that. no? >> no.
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ryan summed it up at the end. we have positive tax proposals to get this economy going. he did so in a respectful way. i think the fact that he kept his composure, made his points and held his own on foreign policy. >> can we get back to the tax cuts for just a second? let's be real here. 1920s, tax cuts. kennedy, taxes cut dramatically. revenues go up. reagan, he does the same thing. same impact. this is not something we are unfamiliar with. we know what happens when you cut tax rates. the economy grows and people spend. stuart: why did biden say it has never happened? >> but it did. that is wishful thinking. he also forgets the 1986 tax act
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which ryan cited. cut the top tax rate from 5228%. sit down, de- clutter the code and cut tax rates. >> you ask why biden said this? he either does not know the history or he is just lamely line. he did that on the question about the question and afghanistan. he said i did not vote for those. he has been on the record for it. he was laughing about taxes. he was laughing about libya and iran. he took a fundamentally
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unserious approach to the nations very serious problem. that is how i read it. >> everyone is saying that they take away is that the vice president one. i think the immediate take away, the average american has a far different take today. >> they thought ryan was clearly up for the job. biden was just yapping away. [laughter] stuart: i think public opinion shifts the more we see of what you just described. steve forbes, always a pleasure. >> stuart, thank you. stuart: next, a self made immigrant. he is putting up millions of dollars to tell his story in this ad. >> i grew up in a socialist
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country. i have seen what it does to people. there is no hope, freedom, no pride in achievement did the nation became poorer and poorer. that is what i see happening here. [ male announcer ] let's say you need to take care of legal matters. wouldn't it be nice if there was an easier, less-expensive option than using a traditional lawyer? well, legalzoom came up with a better way. we took the best of the old and combined it with modern technology. together you get quality services on your terms, with total customer support. legalzoom documents have been accepted in all 50 states,
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♪ stuart: yesterday on varney &
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company we brought you eric left and watch. it goes up for auction next month. we asked you the price. we had two people guessed right around $3 million. they did it right about the same time. we have to winners. the watch will be auctioned off on november 12. it is expected to go for $4.2 million. one day after the auction, christie's put a diamond up for sale. it is so expensive, they will not let it out of the building. they are the most brilliant. they are the most rare. they are the most valuable of all kinds of diamonds. they slowed the tape down. i do not speak like that. be sure to chime in on facebook
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did we do love your comments. listen to this. >> i grew up in a socialist country. i have seen what that does to people. there is no hope, no freedom, no pride in achievement. the nation became poorer and poorer. that is what i see happening here. stuart: what do you have to say, monica? >> they all have the same story to tell. if america goes down the socialist path with no return, where will any of us go. stuart: the highlight reel is next. ♪
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[ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts...
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♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. stuart: route, contemptuous, inappropriate laughter, that was the vice president of the united
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states but did he win the debate? >> i got to 2 little boys and if they ever acted for another human being the way joe biden acted toward paul ryan i would take away video games for a month. >> is done before. >> it has never been done before. >> this may work in the belt way but in the rest of the country is regarded as route. >> people would be better served if we don't keep interrupting each other. stuart: last word? >> joe biden's job was stopped hemorrhaging and buck of the liberal base. team may have accomplished that but at what expense? he has lost independent voters and women voters. those who have not decided. this will come at a huge cost. gerri: who would you rather have a beer with today? paul ryan. seems like a nice guy. seem smart. joe biden seems like a bully. >> still on that pumping irons show. >> you are obsessed with it. stuart: thanks for being with us.

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